Phlo raises £10m to expand digital pharmacy service

UK digital pharmacy company Phlo has closed a £10m Series A round.

The funds will be used to expand the reach of the Phlo Digital Pharmacy same-day medication delivery service and to scale its digital infrastructure platform for healthcare providers.

The Series A round – a combination of equity investment and the conversion of existing loan notes – follows the £2 million raised by Phlo in 2020 in the third largest recorded healthtech Crowdfunding campaign in Europe.

The round was led by Thairm Bio with support from Scottish Enterprise and a number of other high-profile angel investors.

Nadeem Sarwar, Founder and CEO of Phlo, said:

“I would like to thank our existing and new investors for supporting Phlo’s mission as we enter into our next stage of growth.

“We have a very busy roadmap ahead and some incredibly exciting opportunities to take advantage of in 2023 and beyond.”

Phlo’s Digital Pharmacy offers a same-day NHS and private prescription delivery service to patients in Birmingham and London, and is set to launch in Manchester in 2023.

More than 110,000 orders have been delivered since the platform’s launch in 2020.

Phlo’s second product, Phlo Connect, provides pharmacy infrastructure that enables healthtech companies and private healthcare providers to offer a complete digital pharmacy service.

Existing partners include Babylon, Leva Clinic, SkinDoc, Syrona Health and The Dermatology Partnership.

Mark Bamforth, Founder of Thairm Bio, said:

“Phlo’s drive and determination to improve patient access and healthcare outcomes at this pivotal moment for the pharmacy sector is impressive.

“Phlo’s dedication to building innovative digital solutions that put patients and clinicians at the heart of what they do is key to driving positive change in the sector, empowering patients and healthcare providers.”

Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said:

“Phlo is a fantastic example of a growing innovative company that is helping patients and healthcare providers through its technology.

“With Scottish Enterprise investment, the company can scale up operations and expand its services into new markets.”